T
here are reasons for optimism about the future of real estate and economic development in the New Orleans region, despite ongoing challenges. This message was a key takeaway from the 14th Annual Economic and Real Estate Forecast Symposium by the New Orleans Metropolitan Association of REALTORS Commercial Investment Division.
The symposium, which drew over 500 registrants and 45 sponsored partners, centered on the theme "New Orleans: Growth, Stabilization or Disruption?" Panelists pointed to several ongoing projects that could boost long-term economic development in the region. The Louisiana International Terminal (LIT) and St. Bernard Transportation Corridor are among the largest projects, with projections showing it would create over 18,000 new jobs and generate $1 billion in state tax revenue by 2050.
Meaghan McCormack, CEO of the St. Bernard Economic Development Foundation, noted that LIT has the potential to be transformational for individuals and families, opening up well-paying jobs and leading to increased tax revenue and spending. The project's regional impact could be significant, with Jefferson Parish expected to see a boom in the retail sector.
In Jefferson Parish, the planned Food & Beverage Incubator will support existing businesses and foster new entrepreneurs, said Jerry Bologna, executive director of the Jefferson Parish Economic Development Commission. Meanwhile, in St. Tammany Parish, six healthcare institutions are working together on building the economy and developing a talent pipeline from school-aged children to retirees.
Ashley Llewellyn, vice president of St. Tammany Corporation, noted that leaders from three parishes are working together on business formation projects through STartUP Northshore. Dr. Gary Wagner, Acadiana business economist endowed chair at the University of Louisiana at Lafayette, said economic development projects could be the boost needed to uplift a residential housing market that continues to lag.
However, Dr. Wagner noted that there are positive signs in the real estate market, including median home prices and a decline in price reductions. Bob Bergeron, principal in Crescent Title, added that once the presidential election is over, people will be ready to move on, causing uncertainty to subside and the market to pick up.
Bergeron also pointed out that there are several reasons why real estate agents should see this as a favorable moment in the industry, including pent-up demand for homes, low interest rates, and motivated sellers.
